Facts About Portugal

There are many interesting facts about Portugal. This country is one of the oldest in Europe, once part of the Umayyad Caliphate dynasty and the Roman empire. The official language of Portugal, Portuguese, is known as a “romance language.” In 2010, Portugal legalized same-sex marriage, becoming only the 8th country to do so at the time. The country’s official name is the Portuguese Republic.

Information Type

Portugal Data

Population

10,813,834 (July 2014 est.)

Gross Domestic Product PPP (GDP)

US$243.3 billion (2013 est.)

GDP Per Capita

US$22,900 (2013 est.)

Inflation Rate

0.4% (2013 est.)

Currency

Euro (EUR)

Exchange Rate Versus U.S. Dollar

0.88 euro per U.S. dollar (Feb. 10, 2015)

Language

Portuguese (official), Mirandese (official, but locally used).

Capital

Lisbon

Population of Capital City

3,035,000 (metropolitan area)

Time Zone

GMT

Seasons

Mediterranean: hot, dry summers; wet, cool winters

International Dialing Code

351

Electricity

230V / 50 Hz, Plug Type: C, F

System of Government

Republic, Parliamentary Democracy

Current Leader

President Anibal Cavaco Silva

Income Tax Rate for Residents

Residents in Portugal are taxed on their worldwide income at progressive rates varying from 0% to 48% (2014).Nonresidents are taxed at a flat rate of 25% on their taxable remuneration (2014).

Tourist Visa: Automatic 90 days upon entry.
Residency: The country’s Non-Habitual Resident (NHR) and Golden Visa programs mean it is easy for a foreign retiree to arrange legal residency. These retiree and investor residency programs are not as benefit-rich or as affordable as comparable programs in the Americas (in Nicaragua, Ecuador, or Panama, for example), but they are very competitive for Europe.The legislation stipulates the minimum working wage (around 485 euros per month currently) for the principal visa holder, 50% of that value for a spouse, and 30% per child. These requirements can be reduced if the applicant can prove he already has lodging paid for or guaranteed.

Citizenship: After six years of continuous residency.

Special Benefits for Foreign Residents or Retirees

Recent legislation allows resident foreign retirees to receive pension and foreign income in the country tax-free for 10 years if they qualify for the NHR status. The law also provides for reduced taxation on wages, intellectual property, interest, dividends, and capital gains. On the other hand, tax rates are relatively high and the tax-free status for NHR residents is not indefinite but for 10 years.